It continues to get ugly out there for those who work at traditional media outlets.
CNBC, part of General Electric’s NBC’s Universal division, is reportedly going to slash its workforce by 80 staffers.
The cuts are expected to be across the board, but will not affect the on-air faces who are most familiar to the audience, according to the New York Post.
Despite the fact that business news publications have seen significant traffic increases as viewers tuned in to catch the latest economic news during this financial crisis, the advertising dollars just aren’t following.
According to the Post, “up until now, CNBC has been spared cost-cutting efforts conducted
by NBC, which announced a plan to trim $500 million in costs in
October. At the time, NBCU President and CEO Jeff Zucker called for a 3
percent cut in expenses across departments.”
Meanwhile, Viacom said it’s cutting nearly 7% of its workforce, or 850 jobs, and freeze salaries for top managers. Viacom’s cuts are intended to save $200 million to $250 million in 2009, according to The New York Times.
(Image source: Goomag)
